QUESTION 1 points GAAP does not specifically specify a particular format for the

Question

QUESTION 1 points GAAP does not specifically specify a particular format for the statement of activities of a nonprofit organization; however, the statement must present Choose all that apply) OA total non-operating revenues and expens OB the change in net assets with donor nestbictions OC the ensty as a whole Dthe change in net assets without donor restrictions E. operating income (loss) OF the change in net assets QUESTION 2 Match each of the following expenses of the Clay City Youth Services Center to its most likely classification in the statement of activities: A Program 8 Management and General C Fundraising D Membership Development Salaries of case workers Salary of the CFO Cost of annual audit for the organization Supplies used in ater school acthvites Supplies purchased for use monthly car wastes the proceeds from which are used to pay for Seld trips to Depneciation on the gym and equipment QUESTION3 points Which of the following is CORRECT regarding the statement of cash flows for nonprofit entities? Choose all that apply) OA When using the indirect method, depreciation and amortization must be added back to the changes in net assets. OB The operating O The three categories of activities reported are operating, investing, and activities section must be presented using the indirect method. financing. Interest payments on long-term debt would be included in financing activities. OE A statement of cash flows is mandatory for voluntary health and welfare organizations and optional for all others. OF The purchase of equipment to use in program services would be classified as an investing activity

Explanation / Answer

The answer for QUES 1

GAAP does not specifically specify a particular format for the statement of activities of a non profit orginizations however the statement must present

Ques 2

Match the following

Ques 3

Correct statement is

The three categories of activities reported are Operating, Investing and Financing.

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